BitMine buys more ether to pass 6 million ETH milestone
Tom Lee's BitMine Immersion Technologies added 17,362 ETH worth $46.82m in a week, taking its treasury past 6 million ETH, about $16bn at current prices.
Key points
- BitMine bought 17,362 ETH worth $46.82 million over the past week, per Lookonchain data.
- The purchase pushed BitMine's holdings past 6 million ETH, worth roughly $16 billion.
- The treasury now equals about 4.9% of ether's circulating supply.
- Ether had slipped below a recent high of around $2,700 before the buy.
- Tom Lee chairs BitMine Immersion Technologies, ticker BMNR, described as the largest Ethereum treasury firm.
BitMine Immersion Technologies has bought more ether, pushing its treasury past the 6 million ETH milestone, U.Today reports. The company, chaired by Tom Lee and described as the world's largest Ethereum treasury firm, added to a run of steady weekly purchases despite a brief slowdown in the wider crypto market.
Onchain monitoring platform Lookonchain shows the firm bought 17,362 ETH over the past week, a purchase worth $46.82 million. The transfer drew attention because it fits BitMine's long-running accumulation strategy rather than looking like a short-term trade, according to the report.
The timing followed a dip in ether's price. The asset had fallen back into the red and dropped below a recent high of around $2,700, which the report suggests may have let the treasury add to its reserve at a cheaper level.
BitMine adds 17,362 ETH
After the latest buy, BitMine's holdings now exceed 6 million ETH. At ether's current market price that stack is worth about $16 billion, and it represents roughly 4.9% of the asset's circulating supply.
The company continues to position itself as the largest corporate holder of ether. Its purchases have barely paused from week to week, and the report frames the latest move as another step in a long-term plan rather than a reaction to short-term price swings.
The article notes that the market slowdown appeared to cause some panic among smaller holders, particularly retail traders. Against that backdrop, Tom Lee's latest purchase was seen as a source of confidence about ether's near-term potential.
Treasury passes six million
BitMine trades under the ticker BMNR. The report gives no further detail on the company's funding for the purchase or on any change to its stated strategy.